Facts

• March 2022: The Bank advanced a $350,000 professional student line of credit to the Defendant.
• The Defendant fraudulently claimed enrollment in the Doctor of Dental Surgery program at the University of Toronto, providing falsified documents.
• Defaulted on the loan, owing $355,357.41 as of December 2022.
• The Bank sought repayment and punitive damages for fraud.

Legal Proceedings

• The Defendant did not respond, leading to default judgment.
• Rule 19.02(1)(a) deemed the Defendant to admit all allegations by default.

Court Findings

• Fraud Proven: False representation, knowledge of falsehood, reliance by the Bank, and suffered losses.
• Punitive Damages: $200,000 awarded for malicious, premeditated fraud.
• Additional Orders:
  • Accounting of all monies received by the Defendant.
  • Disgorgement of funds and profits from fraud.
  • Preservation of the Bank's right to choose between a constructive trust and damages.
• Costs: Substantial indemnity costs of $13,094 awarded to the Plaintiff.

Disposition

• Ordered payment of $355,357.41 plus interest.
• Punitive damages of $200,000.
• Substantial indemnity costs of $13,094.
  • Total: $568,451.41 (excluding interest)
• Accounting and disgorgement of fraudulently obtained funds.
• Preservation of the Bank's right to elect between a constructive trust and damages.